The bust, reported Friday by state media, comes as Beijing struggles to stem illicit capital outflows.

The People's Daily newspaper said more than 370 people were detained and punished in the case. It said Chinese authorities uncovered over 800 billion yuan ($126 billion) worth of underground banking and money laundering since April.

China has tight currency controls which limit individuals to converting $50,000 in currency a year, but they are widely evaded.